TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 24, 2021


Previous analysis… https://analysis.tfxi.com/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has been finding support around the diagonal support area.

AUDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Price is also up-trending on higher time-frames. AUDUSD is starting to look a little over-extended, suggesting a potential bearish retrace move.

Opportunities to go long may exist around the dynamic support of the moving averages, around the diagonal support area and around the horizontal levels at 0.7890 and 0.7805.

The Reserve Bank of Australia (RBA) continue to keep the interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The Chair of the Federal Reserve will speak at 1500 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been bearish, as suggested in our last chart analysis.

EURGBP is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, signalling that the downtrend may continue. EURGBP is starting to look over-extended, suggesting a potential retrace move.

Opportunities to go short could exist around the bearish moving averages, around the trend resistance area and around 0.8635.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect an economic rebound from April 2021.

The BOE’s monetary policy hearings is scheduled for 1430 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in our previous analysis, EURUSD has been finding support around the shorter-term moving average.

Price is up-trending but also looking a little indecisive. The moving averages suggest that the upside direction could continue – they are bullish and steady. EURUSD is also up-trending on higher time-frames.

Long opportunities may exist around the moving averages and around the horizontal levels at 1.2100 and 1.2085. Price could stall or reverse around the recent highs at 1.2175.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

The Chair of the Federal Reserve will speak at 1500 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has continued to move higher, as suggested in our previous chart analysis.

Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the upside momentum may continue. GBPUSD is starting to look over-extended though, suggesting a potential bearish move.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.4055 and 1.3950.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect an economic rebound from April 2021.

The BOE’s monetary policy hearings is scheduled for 1430 UTC. The Chair of the Federal Reserve will speak at 1500 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around 1.2640 and has been finding support around the channel support area.

The USDCAD is down-trending. Price is moving within a bearish channel. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2640, 1.2670 and 1.2730. The USDCAD could continue to find support, and even reverse, around the channel support area.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The spread of COVID-19 continues to severely impact the Canadian economy. The BOC are expecting economic indicators to improve from April 2021.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The Chair of the Federal Reserve will speak at 1500 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price has been bullish.

The USDCHF is up-trending and hitting new highs. The moving averages have crossed bullish, suggesting that the trend may continue.

Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages and around any of the horizontal levels at 0.9045, 0.9015 and 0.8990.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until 2022.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The Chair of the Federal Reserve will speak at 1500 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, the USDJPY reversed around 104.90.

Price continues to be indecisive. The USDJPY has been forming lower swing highs though, suggesting potential downside.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 104.90, 105.80 and 106.15.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The Chair of the Federal Reserve will speak at 1500 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD found support around the shorter-term moving average, as suggested in yesterday’s chart analysis.

Price was down-trending but recent price action has been bullish. GOLD is above the recent trend resistance area and the moving averages are bullish and steady, signalling that price may start up-trending.

Long opportunities could exist around the dynamic support of the moving averages, around the previous swing high at 1788 and around the previous trend resistance area (as support). A bullish move may be rejected or reverse around any of the horizontal levels at 1815, 1828 and 1851.

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